Morning journal and courier., 1887-06-15
News by Telegraph FROM ALL QUARTERS. THE TUMBLE IN WHEAT. More Failures Reported at
 Chicago. THE SCARE AT MILWAUKEE. Great Rejoicing Among the
 Millers. THE JUBILEE YACHT RACE. l New York and Newport
 Rapid Transit.
THE JUBILEE YACHT RACE.
CHICAGO,S TUMBLE IN WHEAT.

Scenes of Wild Excitement in the Pit
 on the Board of Trade-PrIees Run a
 Wild Race and several Dealers Go
 Down in the crash.
 CHICAGO, June 14.-The calm of yesterday on the Chicago board of trade was followed by 8 whirlwind of excitement this morning. Traders had just nicely caught their breath and steadied their nerves after the break of Saturday when the second cyclone came. It was the wheat pit scare of Saturday enlarged and intensified. For the first offerings of July wheat this morning there were no takers. It was offered under the supposed rnarket-stilI no takers. The fears that took hold of the bulls at the close of last week again made them quake. The uproar grew intense in the wild effort to sell wheat. July dropped from S33s to S2, while men. were thinking what to do. Everyone wanted to unload, but no one wanted wheat. In less time than it takes to tell the story July wheat was offered at so 3-4. It was a short storm, but terrible in it's effects on the crowd. Traders crawled out of the pit drip ping with precipitation and weak from ex- citement. There was talk of failures, but none were announced to add to the feverish condition of things. Then for an hour there was slight rally and the leading future, July sold up to S1 1-2 cents. This was but lull in the storm. At II a. m. the indica- tor for July showed that it was again selling down and in fifteen minutes it was offered at 79 cents-4 3-4 cents below the opening an hour before. Then came the third tumble at the noon hour and July wheat sold down to 76 1-2 cents, or IA cents below the opening price. The entire board was little less than pandemonlum. Rumors reached here that there was run on the bank in Cincinnati where the headquarters of the ''longs" are supposed to be situated. Margins were freely called and heavy de- posits demanded. The Chicago banks,it was said, refused to advance any more money on wheat and late in the session it was stated that the cheeks of some of the parties inter ested on the '1ong' side had been refused. At 12:30 came the startling announcement that all persons having trades with Rosenfeld & Co.,, one of the clique houses, should close them at once. The uproar had not subsided when July wheat took the fourth and for 8 moment to seventy-four cents and closed the morning session at "A 1-2. Trouble was expected on margins at Kershaw's and the crowd was ready for anything short of an earthquake. Throngs of people rushed in from the streets and the gallery was filled with an excited throng of men and women. It was morning session to be remembered as long as wheat grows. The intermission at o'clock gave the members @ chance to catch their breath and when the afternoon session was called the excitement had somewhat abated. At 3 o'clock it was off o11 fhat Co.,, and Hammill & Brine requested all par ties having trades with them to close them out at once. The instant this announcement was made July wheat dropped to 7s7s, but soon recovered Secretary Stone rapped the tumultous crowd to order and read the following from the leading clique house of c. J. Kershaw & Co.,: "We have assurance that margins and ample funds will be forthcoming by tomorrow morning r.dss and he we Closed request thas hs announcement was received with cheers and in few minutes July wheat was selling at 7S1s. The lowest figure touched by July wheat during the day was 10I cents under yesterdays close. Although the chief excite ment of the day was in July, yet June wheat sold with the widest fluctuations from 92 to 90, up to 91 and then by jumps down to 75, when slight reaction occurred. The lowest figure touched by June was about 20 cents under yesterdays closing price. June closed at 7434. The deferred futures declined less sharply, but during the morning dropped about 2115 for August and September.
 A shaky Condition in Milwaukee.
 MILWAUKEE, June 14.-Such scenes of wild excitement as were witnessed on Change to-day have never been known here before. When the break came everybody frantically tried to sell wheat and nobody wanted to buy. In short time July wheat had sold off from so1s to TIA, while September dropped from 79 to 7524. Shortly before noon Hill, Fleitzheim & Go. were compelled to suspend. They had been buying for Ker- shaw & Co.,, of Chicago, and were disap pointed in not receiving remittances expect ed. Their suspension dragged down Hooker, Crittenden & Go. and Frank Wilson, each of whom it is understood called for $20, 900 in margins, failing to get which they were also compelled to give up. John Wilde, a broker, announced his inability to meet margins this afternoon. It is believ ed other houses will find themselves in deep water Much money has been lost here in small amounts. The bear element is strong est on the local board, but that crowd is not feeling very jubilant, having been whipsawed in the deal The bull crowd had exacted diff
 
 now that the time has come to make up diff ferences the other way they are unable to meet them, so that the peculiar spectacle is presented of bulls and bears being singed at the same time
 MilIers Pleased With The Collapse.
 MINNEAPOLIS, June 14.-The millers here are generally pleased at the collapse of the wheat corner. All large holders of wheat have sold largely at Chicago at orr near the top prices as Chicago prices are twelve to fourteen cents above Minneapolis prices. Freight between the cities is only 1-2 cents per bushel, and it was largely Minneapolis shipments which contributed to breaking the clique. In fact It is said on the best au- thority that Minneapolis dealers made large amounts of money by to-day's deal. They can now buy that portion of their sales not already shipped at 8 handsome profit and thus largely reduce the cost and their stocks of wheat.
 New York's Coffee Panic over.
 NEW YORK, June 14.-The Brazilian coffee market seems unaffected by the New York panic and prices are higher there than in this city, The assertion that the bull movement which collapsed so suddenly yesterday was backed by Brazil syndicate is denied and the general belief is that it was the creation of local operators. Members of the firms which suspended yesterday talk hopefully of resuming, but decline to make any state ment of their present condition.
 RAPID TRANSIT.
 The Time Between Newport and New
 York to be Shortened.
 NEWPORT, R. l., June 14.-The bill in the Rhode Island legislature for an act to incor- porate the Newport and New York Rapid Transit company, which passed the Senate in May, was concurred in by the House today and an absolute charter for that company is